EX-12.1 2 hiw12312011ex121.htm HIW 12.31.2011 EX.12.1
Exhibit 12.1

HIGHWOODS PROPERTIES, INC.
RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS


 
 
 
 
 
2011
 
2010
 
2009
 
2008
 
2007
Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before equity in earnings of unconsolidated affiliates
 
$
39,623

 
$
67,089

 
$
41,037

 
$
31,640

 
$
35,808

Fixed charges
 
98,024

 
96,315

 
92,968

 
108,271

 
111,478

Capitalized interest
 
(589
)
 
(1,419
)
 
(4,555
)
 
(8,312
)
 
(9,743
)
Distributions of earnings from unconsolidated affiliates
 
5,029

 
4,433

 
4,180

 
5,994

 
4,462

Total earnings
 
$
142,087

 
$
166,418

 
$
133,630

 
$
137,593

 
$
142,005

 
 
 
 
 
 
 
 
 
 
 
Fixed charges and Preferred Stock dividends:
 
 
 
 
 
 
 
 
 
 
Contractual interest expense
 
$
91,838

 
$
87,726

 
$
81,982

 
$
92,858

 
$
93,975

Amortization of deferred financing costs
 
3,312

 
3,385

 
2,760

 
2,716

 
2,415

Financing obligations interest expense
 
849

 
2,261

 
2,063

 
2,918

 
3,930

Capitalized interest
 
589

 
1,419

 
4,555

 
8,312

 
9,743

Interest component of rental expense
 
1,436

 
1,524

 
1,608

 
1,467

 
1,415

Total fixed charges
 
98,024

 
96,315

 
92,968

 
108,271

 
111,478

Preferred Stock dividends
 
4,553

 
6,708

 
6,708

 
9,804

 
13,477

Total fixed charges and Preferred Stock dividends
 
$
102,577

 
$
103,023

 
$
99,676

 
$
118,075

 
$
124,955

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.45

 
1.73

 
1.44

 
1.27

 
1.27

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and Preferred Stock dividends
 
1.39

 
1.62

 
1.34

 
1.17

 
1.14